The last decade has been full of innovations in the gaming industry, and it seems like the new blockchain and crypto technology has the potential to take the entire gaming market to the next level.

We’ve already seen the countless possibilities of using crypto technology in gaming such as NFTs for in-game aesthetics, different payment methods and the ability to provide a certificate of ownership of in-game items.

But in recent years, we’ve seen a lot of crypto promotions and pushes in the eSports gaming industry. 

Over the past few years, crypto companies have poured money into eSports. Events are sponsored by coins, trading platforms, and investment funds. Several tournaments have used Bitcoin as a prize pool. Using crypto even allows you to place bets on gaming matches. 

In what ways do crypto users expect to profit from eSports?

The target audiences of crypto companies and eSports are similar, which may be why companies are investing in both. Typically, crypto and eSports enthusiasts are males between the ages of 18 and 35, tech-savvy, and spend a lot of time online.

Since eSports has experienced explosive growth, crypto companies have been trying to turn as many fans into cryptocurrency users as possible. Several teams have dabbled in this space with crypto partnerships, including Fnatic, Gen.G, Misfits, Cloud9, TSM, and others.

How Crypto Is Used in eSports?

Well, even though we still have not reached a point where cryptocurrencies can be found in AAA games, there are many uses for cryptocurrencies in eSports. Let’s highlight some of them.

Crypto Prize pools for eSports Tournaments

It is notoriously difficult to move large amounts of money around the world since crypto is permissionless and decentralized. Crypto offers a different way to fund prize pools for eSports. There can be a lot of paperwork, and fees, and it takes weeks to complete. 

By running on a global blockchain, crypto allows huge sums of money to be transferred virtually instantly and for a nominal fee to any location in the world. 

Since cryptocurrency has no borders, eSports tournament organizers can move money without being impeded by banks or governments. Crypto also speeds up the payout process. Players can receive their winnings shortly after the tournament ends. The cash doesn’t have to clear the tournament organizer’s bank account for weeks before it is credited to the player’s account.

Many tournament organizers in countries with strict currency controls can use crypto to pay international players and move money overseas, without raising any red flags. Tournament organizers can also avoid dealing with volatile local currencies with crypto. Some players might prefer to receive Bitcoins instead of their local currency in places like Latin America and other territories.

Thanks to exchange platforms, cryptocurrency can be exchanged for fiat for only a nominal fee. Some might argue that this allows players and tournament organizers greater flexibility.

Crypto makes eSports More Accessible for Fans

In crypto, players, fans, and organizers can send money instantly around the world. Could this allow more people to enjoy the sport? 

In the case of eSports fans living in countries with non-accepted currencies, they may be able to purchase gaming equipment and even wager using crypto. There are issues with the global financial system that would prevent this fan from fully participating in eSports without crypto.

Almost 20 different gaming disciplines are available on sites like mbitcasino, where you can bet on Dota 2, League of Legends, Smite and other games: 

By using cryptocurrency, clients can bet on their favorite eSports teams without paying fees, not having to worry about their banks, and keeping their gambling habits private. In the past, players might have had to wait weeks to receive payouts, but this is less common nowadays. Thanks to crypto’s speed, players can deposit and withdraw virtually instantly.

As a result of cryptocurrency, eSports betting sites can also reach as many people as possible around the globe. In addition, operators save millions of dollars in fees by using crypto, and due to its deflationary nature, some sites have made a fortune from holding crypto. Besides fast, anonymous and global payments, crypto also has low fees.